Questions On Cash Transfers Into Thai Banks.

[bdenner]

Fortunately I haven’t had to rely on international funding to live here using the savings from a few years of work, but the time will come when that will change.

What is the best and cheapest way of bringing funds into the country. I have heard that the Thai banks charge outrageous fees on funds being deposited into ones bank account from foreign sources.

Without research I was just going to do an Internet transfer from my Aust account into my TFB account but have now learnt that on top of the AUD$20 international internet transfer fee the TFB will take up to 10% in fees. I have been stung by the TFB in the past with fees when they took 420Baht for an eInternet transfer from my BKK account to my UTH account.

Right now my attitude to Thai banks is such that ‘A Pox on Them’ I will just leave my cash offshore and use an ATM card, keeping 400K Baht stagnant in the TFB for visa purposes.

What are your thoughts? How do you do it?

[Krub]

Hi,

I have been regularly sending around 100k - 150k baht into my Bangkok Bank account in Thailand.

The exchange is done into baht before the transfer

I use Bangkok Bank's own branch overseas

The only fees are the ones for sending the funds, no charges taken from amount at arrival in Thailand

Thsi worked until my last transfer (850k) where they deducted 500 baht upon arrival in Thailand.

I don't know if this is due to the amount sent but I will try to find out.

Using different banks results always in more fees.

Some have argued that the exchange is better done in Thailand. I have found the opposite to be true when using Bangkok Bank both ends.

[lopburi3]

The Thai bank fee from Bangkok Bank is one half of one percent and has a low cap so it not even a major factor in SWIFT transfers (unless you are talking low amounts - in which case the home bank fees are still going to get you first.

[lopburi3]

Hi,

I have been regularly sending around 100k - 150k baht into my Bangkok Bank account in Thailand.

The exchange is done into baht before the transfer

I use Bangkok Bank's own branch overseas

The only fees are the ones for sending the funds, no charges taken from amount at arrival in Thailand

Thsi worked until my last transfer (850k) where they deducted 500 baht upon arrival in Thailand.

I don't know if this is due to the amount sent but I will try to find out.

Using different banks results always in more fees.

Some have argued that the exchange is better done in Thailand. I have found the opposite to be true when using Bangkok Bank both ends.

<{POST_SNAPBACK}>

Can you provide a date/exchange history so we can check? And how exactly do you use the overseas Bangkok Bank (you have an account there or just as the relay bank)? Not trying to be a pain but have never heard of anyone getting a better rate of exchange offshore for Baht.

The normal transfer is from your home bank to Bangkok Bank overseas who take off ($5 if in USA) and forward the remainder to Thailand where the TT exchange rate is used and a fee of 1/2 of one percent deducted (min/max limits involved).

[bdenner]

Thanks guys for your input thus far.

There are no Thai bank branches that I know of in my home city of Perth so I think that method is out. I do have the option of doing my International internet transfer in AUD or THB therefore letting the Australian bank set the x-rate. This rate is usually pretty good when I look at my credit card and ATM card transactions. I guess the only way is to suck it and see by doing 2 similar transfers at the same time and comparing the outcome but the conflicting information I'm getting on Thai bank fees is still a worry.

I have tried to contact Kasikornbank for detailed fee structures but not received a reply.

[Krub]

Hi,

I have been regularly sending around 100k - 150k baht into my Bangkok Bank account in Thailand.

The exchange is done into baht before the transfer

I use Bangkok Bank's own branch overseas

The only fees are the ones for sending the funds, no charges taken from amount at arrival in Thailand

Thsi worked until my last transfer (850k) where they deducted 500 baht upon arrival in Thailand.

I don't know if this is due to the amount sent but I will try to find out.

Using different banks results always in more fees.

Some have argued that the exchange is better done in Thailand. I have found the opposite to be true when using Bangkok Bank both ends.

<{POST_SNAPBACK}>

Can you provide a date/exchange history so we can check? And how exactly do you use the overseas Bangkok Bank (you have an account there or just as the relay bank)? Not trying to be a pain but have never heard of anyone getting a better rate of exchange offshore for Baht.

The normal transfer is from your home bank to Bangkok Bank overseas who take off ($5 if in USA) and forward the remainder to Thailand where the TT exchange rate is used and a fee of 1/2 of one percent deducted (min/max limits involved).

<{POST_SNAPBACK}>

The Bangkok Bank I use is their Tokyo Branch.

Either I bring yen cash to their counter or

I transfer yen from my account to theirs within Japan. They then transfer it internationaly to Bangkok Bank Bangkok which then transfer it to the local Bangkok Bank where I have my account.

If I ask Bangkok Bank Tokyo to transfer yen instead of baht, they charge me 1/20% of the amount on top of the transfer fees.......

The rate was 2.939 (yen/baht) for TT on November 2

For info the transfer fee is 3.500 yen or +/- 30USD and as I said up to know no other charges on the Thai side until this last time.

[lopburi3]

That does sound like a good exchange rate so guess it makes a big difference doing in Japan compared to some western countries (where you seem to get a very poor exchange rate). Thanks.

[hereforgood]

Thai banks is such that ‘A Pox on Them’ I will just leave my cash offshore and use an ATM card, keeping 400K Baht stagnant in the TFB for visa purposes.

What are your thoughts? How do you do it?

That's what I planned on doing but in another thread Lop told me I may be questioned as to how I lived with out using the Money in the Account because there was no activity for the yeay it stayed there.

[GuestHouse]

I have always done a SWIFT transfer to Thai Farmer Bank with no probems at all.

I always do the exchange in Thailand as the rates are always better.

Never had a problem and fees are low.

[Sophon]

Hi,

I have been regularly sending around 100k - 150k baht into my Bangkok Bank account in Thailand.

The exchange is done into baht before the transfer

I use Bangkok Bank's own branch overseas

The only fees are the ones for sending the funds, no charges taken from amount at arrival in Thailand

Thsi worked until my last transfer (850k) where they deducted 500 baht upon arrival in Thailand.

I don't know if this is due to the amount sent but I will try to find out.

Using different banks results always in more fees.

Some have argued that the exchange is better done in Thailand. I have found the opposite to be true when using Bangkok Bank both ends.

<{POST_SNAPBACK}>

Can you provide a date/exchange history so we can check? And how exactly do you use the overseas Bangkok Bank (you have an account there or just as the relay bank)? Not trying to be a pain but have never heard of anyone getting a better rate of exchange offshore for Baht.

The normal transfer is from your home bank to Bangkok Bank overseas who take off ($5 if in USA) and forward the remainder to Thailand where the TT exchange rate is used and a fee of 1/2 of one percent deducted (min/max limits involved).

<{POST_SNAPBACK}>

The Bangkok Bank I use is their Tokyo Branch.

Either I bring yen cash to their counter or

I transfer yen from my account to theirs within Japan. They then transfer it internationaly to Bangkok Bank Bangkok which then transfer it to the local Bangkok Bank where I have my account.

If I ask Bangkok Bank Tokyo to transfer yen instead of baht, they charge me 1/20% of the amount on top of the transfer fees.......

The rate was 2.939 (yen/baht) for TT on November 2

For info the transfer fee is 3.500 yen or +/- 30USD and as I said up to know no other charges on the Thai side until this last time.

<{POST_SNAPBACK}>

If my math is correct you would have been better off transferring JPY instead of THB.

According to your information you transferred 850,000 THB which at 2.939 would have costed you JPY 2,498,150.

Had you instead transferred the same amount, minus the extra fee of 1/20% you mention (which would be 1,249 JPY), Bangkok Bank in Bangkok would have received JPY 2,496,901. According to BB's homepage their TT buying rate for JPY on November 2 was 34.78375, which would have given you THB 868,515.80 THB, or around 18,500 THB more than you got by making the exchange in Japan.

I am assuming that the basic fees for the transfer would be the same in both Thailand and Japan irrespective of the currency of the transfer.

Another point to consider is transferring in USD, even if you not are making the transfer from the U.S. The Thai banks spread on USD exchange is much smaller than on other currencies (by a factor of 2-3), even compared to currencies such as EUR and GBP). So even though that would probably result in two exchanges, it might still get you a better result in the end, especially if you are from a country with a currency that is not considered a "major" world currency. However, you could have an increased exposure to currency exchange rate fluctuation, because the two exchanges might not be done on the same day.

Sophon

Edited November 6, 2005 by Sophon

[bdenner]

That's what I planned on doing but in another thread Lop told me I may be questioned as to how I lived with out using the Money in the Account because there was no activity for the yeay it stayed there.

<{POST_SNAPBACK}>

If a stack of ATM receipts is not enough evidence then there is no helping these people. Plus photo copies of course

[lopburi3]

That's what I planned on doing but in another thread Lop told me I may be questioned as to how I lived with out using the Money in the Account because there was no activity for the yeay it stayed there.

<{POST_SNAPBACK}>

If a stack of ATM receipts is not enough evidence then there is no helping these people. Plus photo copies of course

<{POST_SNAPBACK}>

Immigration is not likely to be interested in going though your stack of invisible ink ATM receipts. Or even photo copies made before they become unreadable.

[phormio]

I went through Bangkok Bank just today. This is my second time. I got a rate of

40.92 baht to the dollar, transferred $10,000 US . As lop said, somewhere along the way someone pulled out $5.00(Ouch ) and Bkk Bank pulled out 500 baht as a fee(putting money into their bank and they charge a fee - just don't seem right).

My bank doesn't charge a fee. Actually my finance company used HSBC to transfer money in.

Last time I did this I had my bank buy the baht and send in baht. Had a helluva time getting that Immigration letter from Bangkok Bank to extend my O Thai wife visa(in fact I had to get the letter from HSBC).

This time around Bangkok Bank gave me the letter, no questions asked.

Hopes this helps.

[Krub]

Hi,

I have been regularly sending around 100k - 150k baht into my Bangkok Bank account in Thailand.

The exchange is done into baht before the transfer

I use Bangkok Bank's own branch overseas

The only fees are the ones for sending the funds, no charges taken from amount at arrival in Thailand

Thsi worked until my last transfer (850k) where they deducted 500 baht upon arrival in Thailand.

I don't know if this is due to the amount sent but I will try to find out.

Using different banks results always in more fees.

Some have argued that the exchange is better done in Thailand. I have found the opposite to be true when using Bangkok Bank both ends.

<{POST_SNAPBACK}>

Can you provide a date/exchange history so we can check? And how exactly do you use the overseas Bangkok Bank (you have an account there or just as the relay bank)? Not trying to be a pain but have never heard of anyone getting a better rate of exchange offshore for Baht.

The normal transfer is from your home bank to Bangkok Bank overseas who take off ($5 if in USA) and forward the remainder to Thailand where the TT exchange rate is used and a fee of 1/2 of one percent deducted (min/max limits involved).

<{POST_SNAPBACK}>

The Bangkok Bank I use is their Tokyo Branch.

Either I bring yen cash to their counter or

I transfer yen from my account to theirs within Japan. They then transfer it internationaly to Bangkok Bank Bangkok which then transfer it to the local Bangkok Bank where I have my account.

If I ask Bangkok Bank Tokyo to transfer yen instead of baht, they charge me 1/20% of the amount on top of the transfer fees.......

The rate was 2.939 (yen/baht) for TT on November 2

For info the transfer fee is 3.500 yen or +/- 30USD and as I said up to know no other charges on the Thai side until this last time.

<{POST_SNAPBACK}>

If my math is correct you would have been better off transferring JPY instead of THB.

According to your information you transferred 850,000 THB which at 2.939 would have costed you JPY 2,498,150.

Had you instead transferred the same amount, minus the extra fee of 1/20% you mention (which would be 1,249 JPY), Bangkok Bank in Bangkok would have received JPY 2,496,901. According to BB's homepage their TT buying rate for JPY on November 2 was 34.78375, which would have given you THB 868,515.80 THB, or around 18,500 THB more than you got by making the exchange in Japan.

I am assuming that the basic fees for the transfer would be the same in both Thailand and Japan irrespective of the currency of the transfer.

Another point to consider is transferring in USD, even if you not are making the transfer from the U.S. The Thai banks spread on USD exchange is much smaller than on other currencies (by a factor of 2-3), even compared to currencies such as EUR and GBP). So even though that would probably result in two exchanges, it might still get you a better result in the end, especially if you are from a country with a currency that is not considered a "major" world currency. However, you could have an increased exposure to currency exchange rate fluctuation, because the two exchanges might not be done on the same day.

Sophon

<{POST_SNAPBACK}>

Hi Sophon,

Yes I would have in this case be beter to send yen (although Bangkok Bank Thailand would have used the exchange rate of 3 november, not much diferent I suppose)

It looks like I will have to re-do my homework for next time (which I hope will be not to soon for such an amount).

Thanks for pointing it out

Jack

[Krub]

I received a very kind e-mail reply from Bangkok Bank Tokyo Branch which states that regrading charges made by Bangkok Bank Thailand to 'receive' the funds and credit them to the relevant 'local' account within the Bangkok Bank network of branches in Thailand:

They will charge 500 baht for evry single amount over the equivalent of 1 mio yen or 10.000 USD

This seems to answer my query as to why it had not been charged before (as I have for the first time gone above that amount in a single transfer)

It seems that of you want to avoid the extra 500 baht charge you should limit your transfer amounts to less that the equivalent of 10.000 USD or 1 mio yen.

[Guest endure]

If you transfer baht from your home country your home bank has to buy the baht to transfer, adding an extra stage and set of costs to the transfer.

[bdenner]

Finally received a reply from KasikornBank today and this is what they had to say --in part --

Seems to be much cheaper than I was told.

To transfer funds from overseas, the sender of funds will be charged by the correspondent bank, the charge rate will depend on the conditions of the

correspondent bank. The beneficiary will also be charged by KASIKORNBANK on

the rate of 0.25% of the transferred amount (minimum 200 baht and maximum

500 baht). To transfer money to branches outside Bangkok and vicinity,

there will be additional fees, which are leased line fee of 20 baht per

transaction, and province to province transfer fee is 10 baht for each

10,000 baht transferred (minimum 20 baht and maximum 1,000 baht).

[Firefan]

Wire from US broker to my BKK Bank head office Silom via Bangkok Bank New york(corresponding bank) took only one day for me yesterday! More than $5k. Have not had a chance to check fees this end yet (but nothing charged by sender). Cheers!

[Ajarn]

Wire from US broker to my BKK Bank head office Silom via Bangkok Bank New york(corresponding bank) took only one day for me yesterday! More than $5k. Have not had a chance to check fees this end yet (but nothing charged by sender). Cheers!

<{POST_SNAPBACK}>

What broker did you use? My U.S. broker(s) charge me 30$ for each SWIFT transfer to my Kasikorn account. Citibank charges 40$....

[Firefan]

I keep my specific non-Thai banking and broker names secret here - call me a chicken but somebody mentioned E-trade here?

Anyway; that was not the point - the point was the SPEED when doing wire from USA via Bangkok Bank NY to final BKK Bank here (head office - which also helps as all wires goes through there). Cheers!

[lopburi3]

This has been the normal speed for me for years. I call about 11 PM Bangkok time (OOB in mid America) and it has been credited into my BBL account when I use 1333 to check at noontime.

[davidandanna]

Hello you all. You seem very knowledgeable on banking. We are retiring to Phuket and I have my Offshore bank in UK how do I do the banking, we are very new at this. All advice would be appreciated.

[Firefan]

Just checked. Fees deducted was $5 by BKK Bank NY and B 500 at BKK Bank Silom(was over $5k but below $10k). Cheers!

Edited November 9, 2005 by Firefan

[davidandanna]

hi, is it best to use SWIFT to transfer money we have £UK and want to know the best way of getting started in banking when we retire

[lopburi3]

hi, is it best to use SWIFT to transfer money we have £UK and want to know the best way of getting started in banking when we retire

<{POST_SNAPBACK}>

If you are going to use the money for visa purpose it is almost a requirement. But in most cases it is the best method as long as you transfer larger amounts each time to offset the relatively high bank fee normally charged for a foreign wire transfer. Remember to set this up prior to arrival in Thailand as most banks will require written authorization for foreign wire transfers be on file with them and a password assigned.